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Bishnoi outlines importance of IFRS

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Clearing fundas: CMD of Visakhapatnam Steel Plant P.K. Bishnoi speaking at a seminar on IFRS in Visakhapatnam on Saturday.
Clearing fundas: CMD of Visakhapatnam Steel Plant P.K. Bishnoi speaking at a seminar on IFRS in Visakhapatnam on Saturday.

Special Correspondent

Says finance executives play key role in implementation of global standards

Over 100 countries in the EU, Australia and New Zealand are using IFRS

ICAI announced that IFRS should be adopted from April 1, 2011

VISAKHAPATNAM: Chairman and Managing Director of Visakhapatnam Steel Plant P.K. Bishnoi on Saturday noted that as the Indian economy was shifting from agriculture to manufacturing and services, as part of the development process, the finance professionals played an increasingly important role.

Addressing the finance executives of the VSP at the two-day workshop on ‘International Financial Reporting Standards’ being organised in association with KMPG, Mumbai, at the Centre for HRD in steel plant, he observed that International Financial Reporting Standards (IFRS) were getting more and more recognised as global reporting standards.

More than 100 countries in the European Union, Australia and New Zealand were using IFRS. Many countries like China and Canada had announced adopting IFRS in their countries too. Even USA had taken up convergence process with IFRS. In India, the Institute of Charted Accountants of India announced that IFRS should be adopted with effect from April 1, 2011.

Management initiative

As a management initiative for good corporate governance and to get ready for its implementation, VSP was organising the workshop for the benefit of all finance executives to get acquainted with IFRS.

Recalling the major reasons for global meltdown, Mr. Bishnoi cautioned the finance executives to have “checks and balances” and have “agile mind” besides knowledge of accounting standards for successful and trustworthy implementation of IFRS.

He also asserted that when such standards like IFRS were in place, India would be an even more attractive country to get FDI, which was much-needed for its development.

YSR mourned

A two-minute silence was observed in memory of late Chief Minister Y.S. Rajasekhar Reddy, who died in a chopper crash on Wednesday.

Mr. Bishnoi recalled his meetings with Dr. Reddy and briefly mentioned about his leadership qualities.

He made a special mention about Dr. Reddy’s pleasant disposition , very high level of energy, excellent memory and concern for the poor and stated that we should emulate these qualities of “keeping a cool head and keeping physically fit.”

Director (Finance) K.S. Shankar and a large number of finance executives participated.

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